Title: Optimizing Inventory Decisions in a Closed-loop Supply Chain
Speaker: Dr. Sumit Maheshwari
Venue: Seminar hall, second floor, IEOR Building
Day, Date, Time: Tuesday, 6th August 2024, 09:30AM-10:30AM
Abstract: In the face of global environmental crises, sustainable inventory models have become essential for the manufacturing and retail sectors, aiming to reduce waste while enhancing profitability. This study explores sustainable inventory models across three key dimensions: preservation technology, rework, and remanufacturing. The research addresses areas that have not been thoroughly investigated, focusing on the efficient management of imperfect, degraded, and end-of-life (EOL) products. The first area examines inventory models for items of imperfect quality, highlighting the impact of carbon emissions and the need for sustainable practices in production and storage. The second area investigates preservation strategies for deteriorated items, emphasizing the importance of price sensitivity, advertising, and real-time decision-making in inventory management. The third aspect focuses on remanufacturing processes within three-layered supply chains, illustrating the environmental benefits of reusing, refurbishing, and recycling products at the end of their life cycle. The research aims to develop a framework that integrates sustainable practices to support both environmental sustainability and economic viability, with the ultimate goal of reducing landfill waste and advancing a circular economy.
Brief Bio: Dr. Sumit Maheshwari is currently working as a post-doctoral fellow at the Shailesh J. Mehta School of Management, Indian Institute of Technology Bombay. Previously, he served as an Assistant Professor in the Operations Research and Decision Sciences Area at GL Bajaj Institute of Management and Research, Greater Noida, and is currently on research leave to pursue his post-doctoral degree. He completed his M.Phil. in 2018 and was awarded his Ph.D. in 2024 from the Department of Operational Research, University of Delhi. He received a Gold Medal in M.Sc. (Operations Research) from Aligarh Muslim University (AMU) 2016. He completed B.Sc. (Hons) in Statistics from AMU in 2014.
Dr. Maheshwari has published several research papers in reputed international journals, including the International Journal of Production Research, Annals of Operations Research, Journal of Cleaner Production, International Journal of Systems Science: Operations & Logistics, OPSEARCH, and RAIRO-Operations Research. He is also the recipient of the Best Research Paper award from a national workshop-cum-seminar organized by the Department of Statistics, University of Lucknow. Additionally, he is an active reviewer for numerous reputed international journals. His research interests include optimization, inventory and supply chain management, business statistics, and sustainability.